The National Energy Authority (NEA) and Newcrest Mining Limited has signed a Memorandum of Understanding (MOU) for the development, implementation and financing of renewable energy projects to address the issue of PNG’s lack of electricity coverage.
NEA Managing Director, Ronald Meketa and NML Strategic Engagement Manager, Tim Bryson said this is a first of its kind for the extractive industry leading the way for other capital-intensive operators and net emitters operating in PNG, to align their operations with the government’s vision to discourse the country’s lack of electricity coverage by developing renewable energy projects throughout the country.
“As the custodian of the National Energy Policy 2017- 2027 targeted to provide electricity to 70 percent of households in the country by 2030, the MOU sets the framework for closer cooperation and partnership with Newscrest to deliver strategically placed development of renewable energy projects throughout the country,” said Meketa.
He said the MOU relevant parties will enter into separate implementation agreements to operationalized the areas of cooperation.
Newcrest has already began mobilisation to develop a technological roadmap towards decarbonisation, including their supply chain, as a critical part of building a business for the future.
Maketa said Newcrest intervention into the country’s energy space also reflects its appreciation of the National Government’s vision to address the country lack of electricity coverage and improve the socio-economic development of PNG.
Meanwhile, both parties have acknowledged the options for hybrid power system that will improve current power system and establish new power generation systems for areas where there is lack or unreliable power supply.